New Residential High-Rise Project Reflects Changing Demand In South Bay

SAN JOSE (KCBS)— The improving economy in Silicon Valley is creating a demand for more housing in downtown San Jose.

Ground was broken Tuesday on the first high rise residential development since the recession. 1 Market Street is a 23-story residential tower will be going up at the corner of Market and Santa Clara.

Mayor Chuck Reed said San Jose’s downtown is on the rise again.

“This building will represent a direct investment of over $100 million and hundreds of construction jobs and of course then we get tax revenues out of that, which we very much need. Tax increment goes into the former redevelopment agency and its got obligations to meet, so it’s good news,” Reed said.

City Councilman Sam Liccardo, whose district includes downtown, said a lot more people are now interested in urban living.

As Silicon Valley Economy Improves, Demand For Urban High Rise Dwellings Increases

“What downtown offers is a lifestyle that enables folks to be able to walk to restaurants, to be able to get to work without sitting in traffic, to be able to have great transit access, a bike share that will be launching soon, a car share, the ability to live a life without being chained to a steering wheel,” he said.

Ground will be broken on a second 20-story plus residential tower in the next month or two near San Pedro Square.

(Copyright 2013 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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